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In its consumer goods businesses, the focus is on acquisitions that would strengthen specific product areas in promising countries, Knobel said, without elaborating.But he added that Henkel s consumer goods acquisition policy had no overall geographic focus. Rather, it is looking for targets that are a good strategic fit for the group, are attractive in terms of price and margins and are available to buy. We do not see hostile takeovers, he said. In its adhesives business, meanwhile, the company will concentrate on adding new technologies, he told the paper.Knobel ruled out that Henkel could return some of its excess cash to shareholders, for instance via share buybacks. That is currently not an option. Investments in further development of the company, including acquisitions, remain the best way to increase value in the interest of shareholders, he told the paper. 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